Sources revealed the government will distribute 50 percent of the company’s shares to the citizens through public subscription free of charge, 26 percent for Kuwaiti companies and 24 percent for the Kuwait Investment Authority (KIA).
Sources added the company will build the largest health insurance and medical services hospital in the Middle East to provide a wide array of medical services to citizens and expatriates.
Sources confirmed Deputy Premier for Economic Affairs and State Minister for Housing and Development Affairs Sheikh Ahmad Al-Fahad Al-Sabah launched the company on Monday in the presence of Health Minister Dr Hilal Al-Sayer, Finance Minister Mustafa Al-Shemali, the company’s Founding Committee Chairperson Mohammad Al-Munaifi and Health Ministry Undersecretary Dr Ibrahim Al-Abdulhadi.
According to Sheikh Al-Fahad, the private sector will play a vital role in the operation of the company, which will provide health insurance and medical services to the public. He said the hospital will be fully operational once the health insurance schemes for expatriates and citizens are finalized.
Sheikh Al-Fahad explained this is the first of five companies that the government had earlier proposed to be operated through the partnership of the private and public sectors.
He pointed out such companies will encourage the private sector to provide better services, asserting that Kuwait’s 2035 vision speaks in volumes in terms of four basic factors - legislation, improvement of infrastructure, human and social development, and establishment of huge companies.
On the allegation of some private companies that the government has adopted their ideas, Sheikh Al-Fahad confirmed the executive has been facing similar challenges.
He was quick to add though that the Ministry of Health is in the best position to clarify the issue, since it possesses the relevant documents.
Asked about the decline of the stock market, Sheikh Al-Fahad confirmed the KIA has forwarded some recommendations to the Central Bank of Kuwait (CBK) for review.
He said the bank will submit its comments to the Cabinet for discussion in its next meeting to lay down an effective mechanism to save the bourse from further collapse and boost the national economy.
Meanwhile, Al-Sayer revealed the private companies will provide the infrastructure in the health insurance hospital project, which includes the establishment of 15 health centers.
He said the KIA is in charge of specifying the completion period, while the ministry will supervise the activities of the companies.
Al-Sayer asserted many countries in North Africa and Middle East have started developing their health care facilities to be on par with the global standards through a unified point of reference in line with that of a majority of European nations.
He considers this system a transformation from regular development to mutual market expansion policy between the European and Middle East countries.
He added the main reason for improving the health care system in the Middle East and GCC countries is to benefit from the high cost of medical services, relative population growth and technological advancement, while offering the best healthcare program to the public. "